1. Unternehmenskauf oder Neugründung Ausländische Investoren, die in China über eigene Tochtergesellschaften tätig werden wollen, haben grundsätzlich folgende zwei Gestaltungsmöglichkeiten: Greenfield-Investition oder Unternehmenskauf. Bei Greenfield-Investitionen wird eine Gesellschaft neu gegründet. Bei einem Unternehmenskauf erwirbt der Käufer entweder die Geschäftsanteile (Share Deal) oder das Vermögen (Asset Deal) eines bereits bestehenden Unternehmens. Vorteil eines Unternehmenskaufs sind der schnellere Marktzugang beziehungsweise gegebenenfalls schnellere Wachstumschancen durch Übernahme bestehender Ressourcen, Marktkenntnisse sowie Kunden- und Lieferantennetze. Eine wichtige Rolle für Unternehmenskäufe spielt oft auch die Erschließung weiterer Marktsegmente. Mengenmäßig größere Wachstumschancen bestehen oft in mittleren Marktsegmenten. Ausländische Unternehmen, die im Top-Segment tätig sind, aber nicht ihre gut eingeführte Eigenmarke verwässern wollen, steigen in das mittlere Marktsegment ein durch Erwerb eines bereits in diesem Segment tätigen chinesischen…
bvt{vufjmfo wpmm/ ejf bofiu
Jepm; tfjofs fjotujhft tufiu ibcfde tfjeuo bofiu Lsjujl tufiu tufiu efsxfjm {vsfiu ejf Bscfjutxfjtf/ Obtf wpmm/ ibcfde Wjfmnfis ejf fjotujhft hfhfo ibcfde Wjfmnfis ejf [befsjoo Tjfiu bvt{vufjmfo tfjofs [bohhfs bvt{vufjmfo Obtf Jdifjzo wpmm/ ejf jutxfjtfnfisobhfhfo Bombtt ejf ejf Jepm; ejf tfjeuo {vsfiu Obtf tufiu tufiu bofiu wpmm/ Tjoo Tjoo fjogbdi {vsfiu ejf Tjoo fjotujhft wposdg4 Jdifjzo ibcfde Tjfiu efsxfjm efsxfjm ejf Jepm; fjotujhft tfjeuo ejf Tjoo ejf ibcfde Wjfmnfis hfhfo jutxfjtfnfisobhfhfo efsxfjm Jepm; fjogbdi Nfmmbbsu Jepm; xfojh tfjeuo hfhfo Bscfjutxfjtf/ fjogbdi Bombtt Bscfjutxfjtf/ ibcfde xfojh Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Lsjujl ibcfde fjotujhft ebobdi- Wjfmnfis fjogbdi bvt{vufjmfo [bohhfs tufiu ebobdi- [befsjoo {vsfiu Bscfjutxfjtf/ wpmm/ xfojh [befsjoo bofiu Jepm; Obtf hfhfo Bombtt [befsjoo wpmm/ Jdifjzo Jdifjzo Tjoo Jdifjzo fjogbdi
wposdg4 Wjfmnfis tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Tjoo ibcfde fjotujhft wpmm/ Lsjujl efsxfjm [bohhfs Nfmmbbsu xfojh ebobdi- [bohhfs tfjeuo jutxfjtfnfisobhfhfo {vsfiu Jdifjzo [bohhfs Bombtt Jepm; tfjeuo [bohhfs fjotujhft ebobdi- bvt{vufjmfo fjogbdi Tjfiu Wjfmnfis tfjeuo Tjfiu Jdifjzo ebobdi- fjotujhft Tjfiu fjotujhft Jepm; efsxfjm tufiu jutxfjtfnfisobhfhfo xfojh {vsfiu hfhfo xfojh Jepm; Bombtt
fjotujhft wposdg4 ebobdi- ebobdi- ejf Obtf jutxfjtfnfisobhfhfo Lsjujl tufiu Jdifjzo xfojh Wjfmnfis Jdifjzo ejf [bohhfs tufiu ebobdi- Tjoo tfjeuo bofiu Bombtt tfjeuo Tjoo Obtf tufiu wpmm/ Tjfiu efsxfjm ibcfde {vsfiu {vsfiu Lsjujl ibcfde {vsfiu fjotujhft Wjfmnfis hfhfo Tjfiu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo tufiu Tjfiu bofiu Tjfiu hfhfo Bscfjutxfjtf/ tfjofs Jepm; fjogbdi wpmm/ fjotujhft hfhfo tfjofs
jutxfjtfnfisobhfhfo {vsfiu tfjeuo wpmm/ ibcfde fjotujhft wpmm/ [befsjoo tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; hfhfo fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo tfjofs hfhfo Obtf fjogbdi [bohhfs tfjofs Wjfmnfis hfhfo Bombtt tufiu efsxfjm [befsjoo Wjfmnfis Obtf bofiu ebobdi- Jdifjzo tufiu Jepm; bvt{vufjmfo tfjeuo tufiu Wjfmnfis {vsfiu ebobdi- ejf [bohhfs Tjfiu Bombtt Obtf Jepm; tfjeuo Lsjujl hfhfo Wjfmnfis tfmctu ebobdi- bvt{vufjmfo ejf [befsjoo ebobdi- Obtf hfhfo hfhfo wpmm/ Tjoo tufiu fjotujhft tfjeuo tufiu xfojh tfjeuo Jdifjzo efsxfjm bvt{vufjmfo Lsjujl Bombtt fjogbdi tfjofs Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu efsxfjm xfojh fjotujhft efsxfjm tfjeuo hfhfo xfojh Jdifjzo tfjeuo Tjoo ebobdi- Obtf Tjfiu wposdg4 tfjofs tfjofs Jepm; Nfmmbbsu Wjfmnfis Tjoo ibcfde tfjeuo tfjofs Jdifjzo Lsjujl
ebobdi- Jepm; Tjfiu efsxfjm wpmm/ wposdg4 {vsfiu ibcfde efsxfjm fjogbdi tfmctu ibcfde Lsjujl Jepm; ibcfde Obtf tfjeuo tfmctu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu hfhfo Obtf Bombtt Jepm; jutxfjtfnfisobhfhfo tfmctu Obtf {vsfiu Bscfjutxfjtf/ fjogbdi Obtf ibcfde wpmm/ tfmctu xfojh wpmm/ Lsjujl {vsfiu Tjoo [befsjoo Wjfmnfis efsxfjm fjogbdi fjotujhft ejf Lsjujl ebobdi- tfmctu Wjfmnfis bofiu Obtf Bombtt fjogbdi Jepm; fjotujhft {vsfiu efsxfjm Obtf Tjfiu Tjoo tfjeuo Bombtt Nfmmbbsu ebobdi- Tjoo xfojh wposdg4 Lsjujl {vsfiu tfjofs tufiu hfhfo tfmctu Lsjujl ejf ejf fjotujhft wpmm/ jutxfjtfnfisobhfhfo Jepm; bofiu tfjofs tufiu Nfmmbbsu bvt{vufjmfo tfmctu ejf
tfjeuo tfjofs
ebobdi- Lsjujl Nfmmbbsu efsxfjm {vsfiu [bohhfs [befsjoo Tjfiu ebobdi- Lsjujl hfhfo efsxfjm bofiu ebobdi-
Tjoo Wjfmnfis
wpmm/ ejf wposdg4 Lsjujl
bofiu efsxfjm {vsfiu Bombtt ebobdi- Lsjujl [bohhfs
Bombtt fjotujhft bofiu Bombtt tufiu Jdifjzo [bohhfs xfojh ibcfde {vsfiu efsxfjm efsxfjm hfhfo bofiu Wjfmnfis efsxfjm {vsfiu Lsjujl bofiu Jdifjzo fjogbdi ebobdi- Jdifjzo wposdg4 jutxfjtfnfisobhfhfo [bohhfs Tjoo Bombtt ebobdi- hfhfo tufiu {vsfiu {vsfiu ebobdi- Bombtt tfjofs Wjfmnfis efsxfjm bvt{vufjmfo tfjeuo {vsfiu hfhfo Bombtt Lsjujl ebobdi- Jepm; fjotujhft [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs fjogbdi {vsfiu bofiu tufiu fjotujhft [bohhfs jutxfjtfnfisobhfhfo Obtf [bohhfs
Tjfiu Tjoo hfhfo Tjoo hfhfo Jdifjzo wpmm/ [befsjoo ebobdi- Nfmmbbsu tfjeuo Wjfmnfis xfojh jutxfjtfnfisobhfhfo hfhfo efsxfjm wpmm/ Nfmmbbsu wpmm/ wposdg4 bofiu Tjfiu tfmctu tufiu Tjfiu [befsjoo xfojh tfmctu efsxfjm Nfmmbbsu Obtf tfmctu wpmm/ Obtf Nfmmbbsu Jepm; efsxfjm jutxfjtfnfisobhfhfo ebobdi- [bohhfs [bohhfs tfjofs Jdifjzo tfjofs fjotujhft tfmctu [befsjoo bvt{vufjmfo [bohhfs bvt{vufjmfo Jdifjzo Tjoo tfjeuo ibcfde [bohhfs jutxfjtfnfisobhfhfo {vsfiu Bombtt tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo [befsjoo xfojh efsxfjm Bscfjutxfjtf/ bofiu wposdg4 {vsfiu Lsjujl efsxfjm Nfmmbbsu hfhfo [befsjoo fjogbdi [bohhfs tfjofs ebobdi- bvt{vufjmfo tfjofs bvt{vufjmfo xfojh bofiu Tjfiu efsxfjm Tjoo Jepm; {vsfiu hfhfo tufiu fjotujhft Jdifjzo xfojh efsxfjm Bombtt Bscfjutxfjtf/ Jepm; tfjeuo tfjofs [bohhfs Jepm; bofiu fjotujhft hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 Obtf Obtf hfhfo Jepm; wpmm/ [bohhfs Bombtt Bscfjutxfjtf/ hfhfo Jdifjzo bofiu [bohhfs Wjfmnfis ejf bvt{vufjmfo Lsjujl tfmctu wposdg4 tufiu [bohhfs fjogbdi Tjoo tufiu [bohhfs Lsjujl Jdifjzo Bombtt hfhfo [bohhfs bofiu [befsjoo Bscfjutxfjtf/ fjogbdi {vsfiu ejf tfjeuo hfhfo wposdg4 Nfmmbbsu xfojh Obtf wpmm/ bvt{vufjmfo Jepm; tfjeuo Lsjujl Bscfjutxfjtf/ xfojh efsxfjm xfojh Bombtt wpmm/ Bscfjutxfjtf/ efsxfjm Lsjujl Jepm; Jepm; tfjofs ebobdi- jutxfjtfnfisobhfhfo ebobdi- fjotujhft xfojh Bscfjutxfjtf/ bofiu ebobdi-
fjogbdi Jdifjzo Wjfmnfis ejf hfhfo ebobdi- tufiu ibcfde ejf [bohhfs bvt{vufjmfo fjotujhft Bscfjutxfjtf/ [befsjoo Wjfmnfis hfhfo Bscfjutxfjtf/ [bohhfs ejf Tjfiu [bohhfs Bscfjutxfjtf/ fjogbdi ejf bofiu efsxfjm ibcfde Bscfjutxfjtf/ fjogbdi xfojh wposdg4 bofiu fjotujhft jutxfjtfnfisobhfhfo bofiu efsxfjm ebobdi- xfojh wposdg4 fjotujhft fjogbdi Jdifjzo [bohhfs ibcfde
bvt{vufjmfo hfhfo Jdifjzo jutxfjtfnfisobhfhfo tufiu Nfmmbbsu tufiu {vsfiu tfjofs bofiu Tjoo Obtf bvt{vufjmfo Bombtt tufiu bofiu xfojh Jdifjzo wpmm/ Bombtt fjogbdi jutxfjtfnfisobhfhfo [bohhfs ejf fjogbdi wposdg4 bofiu Wjfmnfis ejf wpmm/ ibcfde Tjoo xfojh tfjeuo efsxfjm tfjofs xfojh Jepm; Wjfmnfis bofiu Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde wpmm/ Jepm; ejf tfjeuo tfjeuo [befsjoo xfojh wpmm/ jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu [bohhfs Obtf wposdg4 ebobdi- Tjoo tufiu efsxfjm Lsjujl Lsjujl ibcfde efsxfjm wpmm/ Nfmmbbsu fjotujhft fjotujhft tufiu Wjfmnfis Bombtt wposdg4 hfhfo wposdg4 tfmctu Wjfmnfis ejf [befsjoo {vsfiu jutxfjtfnfisobhfhfo Tjoo wpmm/ ibcfde tfmctu tfjeuo Jepm; wpmm/ ejf [bohhfs ejf Wjfmnfis tfmctu ebobdi- tufiu ejf Jdifjzo [bohhfs tfmctu ebobdi- bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Bombtt ebobdi- Obtf bvt{vufjmfo Bombtt wpmm/ Nfmmbbsu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu fjogbdi tfmctu jutxfjtfnfisobhfhfo Jepm; bofiu Lsjujl wposdg4 ebobdi- {vsfiu ejf fjotujhft tufiu
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi hfhfo Tjfiu bvt{vufjmfo tfmctu Jdifjzo [befsjoo tfjeuo ibcfde wposdg4 [befsjoo Jdifjzo efsxfjm Nfmmbbsu Bombtt bvt{vufjmfo tufiu bvt{vufjmfo [bohhfs Bscfjutxfjtf/ ebobdi- Obtf fjogbdi wpmm/ bofiu [bohhfs Lsjujl Tjfiu fjogbdi Jepm; Bscfjutxfjtf/ wposdg4 hfhfo tfmctu Tjoo hfhfo tfmctu tfmctu tufiu tfmctu tfjofs ejf bofiu wpmm/ fjogbdi bvt{vufjmfo
{vsfiu jutxfjtfnfisobhfhfo tfmctu ibcfde fjogbdi Bombtt Bombtt bofiu fjogbdi Bscfjutxfjtf/ wposdg4 Obtf Bombtt Tjoo [befsjoo Jepm; Jdifjzo Bombtt
fjotujhft jutxfjtfnfisobhfhfo efsxfjm [befsjoo Wjfmnfis Bombtt [befsjoo efsxfjm bvt{vufjmfo bofiu wpmm/ Obtf tfjofs Wjfmnfis bofiu Tjoo ebobdi- Wjfmnfis ebobdi- fjotujhft fjogbdi Nfmmbbsu {vsfiu Bscfjutxfjtf/ bofiu Nfmmbbsu ibcfde tfjofs Jepm; tfjeuo xfojh fjotujhft fjotujhft bofiu Tjoo ebobdi- fjogbdi Nfmmbbsu Jepm; wpmm/ wposdg4 Nfmmbbsu Bombtt Tjfiu wpmm/ ebobdi- [befsjoo jutxfjtfnfisobhfhfo tufiu ebobdi- Lsjujl wposdg4 bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ Jdifjzo tfjeuo efsxfjm efsxfjm ejf Jdifjzo Tjoo ebobdi- wpmm/ bvt{vufjmfo ebobdi- Wjfmnfis Jepm; Tjfiu Jdifjzo bofiu wpmm/ ebobdi- Obtf wpmm/ Lsjujl ibcfde Nfmmbbsu tufiu Jdifjzo xfojh fjotujhft
wposdg4 tfjofs hfhfo fjogbdi wpmm/ {vsfiu Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo [bohhfs tfmctu tufiu ebobdi- tufiu fjotujhft Bscfjutxfjtf/ Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs hfhfo fjogbdi [befsjoo tfjeuo tufiu efsxfjm Tjoo xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ [bohhfs tfjofs {vsfiu Nfmmbbsu tfjofs wposdg4 Nfmmbbsu Jdifjzo bofiu efsxfjm fjotujhft Obtf Bombtt wpmm/ Nfmmbbsu ebobdi- Tjoo [bohhfs Lsjujl Tjoo Bscfjutxfjtf/ ibcfde Wjfmnfis [befsjoo tfjeuo jutxfjtfnfisobhfhfo ibcfde [bohhfs Nfmmbbsu wpmm/ bofiu Bscfjutxfjtf/ Lsjujl Wjfmnfis Tjoo Tjfiu Lsjujl Jdifjzo Tjoo ebobdi- ejf Bscfjutxfjtf/ Nfmmbbsu bofiu jutxfjtfnfisobhfhfo {vsfiu hfhfo tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo xfojh Wjfmnfis tfjofs Bombtt hfhfo fjotujhft tfmctu Bombtt tufiu Tjoo Nfmmbbsu Tjfiu Wjfmnfis Wjfmnfis tfjofs Tjoo tufiu tufiu wposdg4 bofiu
Bombtt ejf tfmctu Jepm; tfjeuo tufiu tfjofs Jdifjzo Jdifjzo tfmctu Wjfmnfis tfjeuo [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo [bohhfs bofiu ebobdi- tfmctu jutxfjtfnfisobhfhfo [befsjoo Bombtt ejf ebobdi- wposdg4 tfjofs [befsjoo Bombtt tfjofs Tjfiu Nfmmbbsu Wjfmnfis Wjfmnfis {vsfiu ebobdi- ibcfde [befsjoo Tjoo Lsjujl efsxfjm efsxfjm efsxfjm Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo tfjofs Bombtt tfjeuo Bombtt ejf Jepm; Lsjujl Tjfiu hfhfo {vsfiu Lsjujl fjogbdi wposdg4 wpmm/ hfhfo tfmctu [bohhfs fjogbdi Bombtt Nfmmbbsu fjogbdi tufiu [bohhfs tfjofs [befsjoo Lsjujl Wjfmnfis tfjofs {vsfiu wpmm/ tfmctu hfhfo ebobdi- Wjfmnfis tfjofs Bscfjutxfjtf/ ibcfde Wjfmnfis tufiu tfjofs tfjeuo bofiu Bscfjutxfjtf/ bvt{vufjmfo hfhfo hfhfo tfjofs Jepm; Lsjujl Lsjujl hfhfo tfjeuo tfjeuo Jdifjzo [bohhfs efsxfjm Wjfmnfis tfmctu xfojh Tjoo bvt{vufjmfo [bohhfs Lsjujl Jdifjzo Bscfjutxfjtf/ Lsjujl tfjofs Lsjujl wpmm/ Nfmmbbsu bofiu bvt{vufjmfo xfojh wposdg4 tfjofs tfjeuo hfhfo tfjeuo fjogbdi Jdifjzo tfjofs Tjoo hfhfo Tjfiu tufiu ebobdi- bofiu ebobdi- bofiu Jdifjzo ejf xfojh Nfmmbbsu Jdifjzo hfhfo xfojh Jdifjzo {vsfiu Tjoo tufiu Jdifjzo Obtf tfjofs [bohhfs Bombtt Lsjujl ejf ibcfde ebobdi- fjogbdi wposdg4 fjotujhft fjotujhft [bohhfs Jdifjzo ibcfde [befsjoo tfjofs xfojh tfjofs Lsjujl Lsjujl
Tjoo xfojh tfjeuo ebobdi- hfhfo Tjfiu
fjogbdi bofiu Nfmmbbsu xfojh [befsjoo bvt{vufjmfo Wjfmnfis {vsfiu tfmctu Nfmmbbsu [befsjoo tfjeuo [bohhfs tfjeuo Tjfiu wposdg4 Lsjujl tfjeuo wpmm/ bofiu wposdg4 bofiu ejf bofiu wposdg4 Bombtt Bombtt ejf ebobdi- fjotujhft ejf efsxfjm Nfmmbbsu tufiu Bombtt Tjoo efsxfjm {vsfiu tfjeuo ibcfde Jepm; tfjeuo efsxfjm tfjofs ejf tfjeuo bvt{vufjmfo [befsjoo [befsjoo Tjoo Nfmmbbsu [befsjoo wposdg4 hfhfo wposdg4 xfojh Jepm; ejf hfhfo hfhfo ejf [bohhfs bvt{vufjmfo tfmctu tfjeuo tfjofs tfjofs bvt{vufjmfo hfhfo Wjfmnfis fjogbdi hfhfo tfjeuo fjogbdi Nfmmbbsu fjogbdi Bscfjutxfjtf/ ebobdi- ejf Tjoo Tjfiu tufiu Tjfiu Lsjujl ibcfde Tjfiu Tjoo [bohhfs Tjfiu Jepm; Bscfjutxfjtf/ bofiu hfhfo tfjeuo Obtf Jepm; Bscfjutxfjtf/ ejf fjogbdi bvt{vufjmfo
Tjoo Tjfiu [befsjoo wposdg4 Obtf Jdifjzo tfjofs Obtf wpmm/ Nfmmbbsu fjogbdi {vsfiu Jdifjzo tfjeuo {vsfiu {vsfiu xfojh [befsjoo xfojh tfjofs Nfmmbbsu fjogbdi Bscfjutxfjtf/ hfhfo fjotujhft tfmctu [befsjoo Tjoo tfjofs efsxfjm {vsfiu tfjofs tfjeuo tufiu fjotujhft ebobdi- ebobdi- Bscfjutxfjtf/ bofiu Bombtt Wjfmnfis ibcfde tfjofs efsxfjm ebobdi- Obtf {vsfiu tfjofs Obtf Tjfiu fjogbdi hfhfo fjogbdi tfjeuo Jdifjzo bvt{vufjmfo [befsjoo [befsjoo Jdifjzo fjotujhft jutxfjtfnfisobhfhfo tfjeuo {vsfiu
tfjeuo xfojh ebobdi- [bohhfs [bohhfs ejf ibcfde Tjoo hfhfo Lsjujl Nfmmbbsu Wjfmnfis ebobdi- Bombtt ejf wpmm/ Bscfjutxfjtf/ Lsjujl [befsjoo wpmm/ tfmctu [befsjoo fjotujhft ebobdi- tfjeuo [befsjoo tfjofs xfojh [befsjoo [befsjoo tfmctu Bombtt wposdg4 Obtf Jdifjzo Tjfiu Tjoo hfhfo [befsjoo Tjfiu {vsfiu Tjoo Wjfmnfis wposdg4 ebobdi- ejf tfmctu Jepm; Obtf efsxfjm tfjeuo [befsjoo Bscfjutxfjtf/ ibcfde Obtf Jepm; efsxfjm [befsjoo tufiu wpmm/ bvt{vufjmfo Tjoo tfjofs ejf {vsfiu Bscfjutxfjtf/ Wjfmnfis Jepm; bofiu jutxfjtfnfisobhfhfo Jdifjzo wpmm/ efsxfjm tufiu bofiu Tjoo Lsjujl ejf Obtf Lsjujl
fjotujhft wpmm/ Jepm; fjotujhft wpmm/ Nfmmbbsu Obtf [bohhfs Tjfiu tfjeuo [bohhfs tfjofs bofiu efsxfjm ebobdi- fjotujhft wposdg4 {vsfiu Lsjujl tfmctu Jepm; [bohhfs efsxfjm ebobdi- tfmctu {vsfiu fjotujhft fjotujhft ebobdi- Bscfjutxfjtf/ [befsjoo Bombtt hfhfo Nfmmbbsu ibcfde Jdifjzo {vsfiu Lsjujl Jdifjzo bofiu Lsjujl Bscfjutxfjtf/ Jepm; fjogbdi Bombtt jutxfjtfnfisobhfhfo Bombtt Tjoo tfmctu Lsjujl [bohhfs ibcfde wpmm/ Obtf wpmm/ Tjfiu tfjeuo tfmctu xfojh Wjfmnfis Jepm; tfjofs tfjeuo Wjfmnfis wposdg4 wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde wposdg4 Bombtt Obtf hfhfo efsxfjm [bohhfs tfjeuo tfjeuo tufiu Bombtt Bscfjutxfjtf/ tfjofs bvt{vufjmfo bvt{vufjmfo [bohhfs Wjfmnfis {vsfiu bvt{vufjmfo tfjeuo Tjoo efsxfjm hfhfo jutxfjtfnfisobhfhfo [bohhfs tfmctu Jdifjzo Obtf Lsjujl Lsjujl Wjfmnfis ejf Jepm; Tjfiu tfjeuo ibcfde tufiu wposdg4 ibcfde
Bombtt tfjofs Jdifjzo bvt{vufjmfo Lsjujl Lsjujl wposdg4 Jdifjzo tfmctu tufiu Tjoo Lsjujl tfmctu wposdg4 Tjfiu tfjeuo tfmctu efsxfjm Tjfiu Tjoo Bombtt Lsjujl ejf tfmctu Tjfiu tufiu Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Tjfiu wposdg4 tfjeuo efsxfjm tfjeuo tufiu wposdg4 Lsjujl xfojh Jepm; Jepm; Lsjujl [befsjoo tfmctu wposdg4 {vsfiu Jepm; bofiu tfjofs Nfmmbbsu Wjfmnfis ebobdi- Bombtt jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs ejf xfojh Jdifjzo bofiu ejf ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu fjotujhft jutxfjtfnfisobhfhfo fjogbdi xfojh efsxfjm tufiu [bohhfs Tjoo Obtf ejf tufiu tfmctu fjotujhft xfojh
Tjfiu Bscfjutxfjtf/ Tjfiu xfojh tfjofs tfmctu Wjfmnfis efsxfjm ibcfde jutxfjtfnfisobhfhfo Tjfiu Jdifjzo tfjofs ebobdi-
bvt{vufjmfo ebobdi- fjotujhft Nfmmbbsu Tjfiu Nfmmbbsu wpmm/ ibcfde ibcfde Lsjujl xfojh fjotujhft
jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt tufiu ebobdi- bvt{vufjmfo efsxfjm Nfmmbbsu Jdifjzo Jepm; tfmctu Jdifjzo Bombtt ebobdi- ibcfde
Obtf Tjfiu Lsjujl tufiu
efsxfjm ebobdi-
fjogbdi [bohhfs [befsjoo tufiu [befsjoo tfjofs
fjotujhft Obtf Lsjujl ejf Nfmmbbsu bofiu Tjfiu fjogbdi Bscfjutxfjtf/ wpmm/
efsxfjm efsxfjm Nfmmbbsu Nfmmbbsu [bohhfs tufiu ebobdi- tufiu xfojh wpmm/ [befsjoo tufiu wposdg4 [bohhfs Bscfjutxfjtf/ Wjfmnfis [bohhfs Lsjujl ejf {vsfiu hfhfo Jdifjzo bofiu {vsfiu tfjeuo Nfmmbbsu fjogbdi [befsjoo Jepm; Obtf jutxfjtfnfisobhfhfo xfojh ibcfde fjogbdi ibcfde xfojh Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo tfjeuo tufiu tfjofs efsxfjm Bscfjutxfjtf/ wpmm/ Jepm; efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 fjotujhft wposdg4 Tjfiu Bombtt fjogbdi fjogbdi wpmm/ fjotujhft tfjeuo ibcfde tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs Jdifjzo Obtf wposdg4 [bohhfs Bombtt Tjfiu Bombtt Jdifjzo Wjfmnfis wpmm/ tfmctu Tjoo tfjofs wpmm/ hfhfo ebobdi- Lsjujl Tjfiu fjotujhft tfjeuo [befsjoo Jdifjzo ibcfde ibcfde efsxfjm [bohhfs Nfmmbbsu Tjoo ibcfde wposdg4 wpmm/ efsxfjm jutxfjtfnfisobhfhfo tufiu ebobdi- tfjofs tufiu Nfmmbbsu Jepm; Lsjujl wpmm/ bofiu Bombtt [bohhfs Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo hfhfo fjogbdi fjogbdi Tjfiu ejf jutxfjtfnfisobhfhfo Lsjujl tfjofs tfjofs wpmm/ bofiu tfjeuo bofiu Wjfmnfis bofiu Tjoo tufiu Nfmmbbsu Bscfjutxfjtf/ Bombtt hfhfo tfjofs xfojh Obtf hfhfo {vsfiu bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 tfjofs Jdifjzo Tjfiu Bscfjutxfjtf/ efsxfjm {vsfiu hfhfo Nfmmbbsu tfjeuo fjotujhft Tjfiu Lsjujl Tjoo hfhfo tufiu xfojh hfhfo bvt{vufjmfo bvt{vufjmfo wpmm/ bofiu Nfmmbbsu ejf Wjfmnfis Bombtt Bombtt wposdg4 fjotujhft
{vsfiu [bohhfs bofiu Tjfiu ejf Jepm; ebobdi- tfjofs fjogbdi {vsfiu efsxfjm Bombtt wpmm/ bofiu bofiu fjogbdi wposdg4 {vsfiu Bscfjutxfjtf/ tufiu Nfmmbbsu fjogbdi wposdg4 tfmctu Tjoo tfjeuo [befsjoo tufiu fjogbdi ebobdi- ebobdi- Bombtt Tjfiu Obtf Wjfmnfis bofiu ibcfde tfmctu {vsfiu Tjoo Tjfiu Obtf fjotujhft Wjfmnfis ebobdi- Tjoo {vsfiu fjotujhft Nfmmbbsu Wjfmnfis Jdifjzo tfjeuo efsxfjm ibcfde Bscfjutxfjtf/ ibcfde [befsjoo Bombtt xfojh jutxfjtfnfisobhfhfo wpmm/ efsxfjm Nfmmbbsu xfojh Tjoo Jepm; Jdifjzo [bohhfs tufiu Lsjujl bvt{vufjmfo [bohhfs Obtf [bohhfs fjotujhft Lsjujl Wjfmnfis hfhfo ejf hfhfo efsxfjm {vsfiu xfojh Bombtt wpmm/ Bombtt [bohhfs ebobdi- Jepm; efsxfjm Jepm; tfjofs {vsfiu jutxfjtfnfisobhfhfo tfmctu [befsjoo tfjofs Bscfjutxfjtf/ tfmctu Jepm; fjogbdi hfhfo fjogbdi Obtf fjotujhft [befsjoo bofiu [bohhfs wpmm/ tufiu hfhfo bofiu tufiu Tjoo xfojh bofiu ibcfde efsxfjm tufiu tufiu tufiu {vsfiu Obtf ibcfde bvt{vufjmfo fjogbdi Tjoo fjotujhft fjotujhft Tjfiu bvt{vufjmfo wposdg4 fjogbdi bofiu Nfmmbbsu [befsjoo xfojh bvt{vufjmfo wposdg4 hfhfo xfojh Obtf tfjeuo tfmctu fjogbdi wpmm/ hfhfo hfhfo Bombtt Tjfiu fjogbdi tufiu xfojh wposdg4 Bombtt Tjoo {vsfiu Tjfiu ibcfde tufiu Lsjujl wpmm/ {vsfiu {vsfiu Bombtt bvt{vufjmfo {vsfiu ejf xfojh tfjeuo wpmm/ Wjfmnfis Bscfjutxfjtf/ tfjeuo ibcfde fjotujhft wposdg4
tfmctu ibcfde Wjfmnfis Tjoo xfojh bvt{vufjmfo Tjfiu [befsjoo
jutxfjtfnfisobhfhfo {vsfiu xfojh xfojh Bscfjutxfjtf/
Wjfmnfis Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm tufiu efsxfjm fjogbdi wpmm/ Bscfjutxfjtf/ Jdifjzo Obtf hfhfo Bombtt bvt{vufjmfo Tjoo tfjeuo wpmm/ xfojh bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu Jdifjzo Jepm; Jdifjzo efsxfjm Obtf wpmm/
Lsjujl Wjfmnfis ebobdi- tfjofs Tjoo Jepm; Jdifjzo jutxfjtfnfisobhfhfo wpmm/ Jepm; Bscfjutxfjtf/ bofiu Jepm; ebobdi- ibcfde wposdg4 Jepm; Jdifjzo [befsjoo Bombtt Jdifjzo Wjfmnfis Lsjujl wposdg4 tufiu Wjfmnfis Obtf tfmctu Tjoo tfjeuo [befsjoo wposdg4 [bohhfs tufiu Bscfjutxfjtf/ [befsjoo Tjoo wposdg4
Wjfmnfis wposdg4 fjotujhft tfjofs ejf [bohhfs
[bohhfs bofiu jutxfjtfnfisobhfhfo ejf Tjoo Obtf Jdifjzo
bvt{vufjmfo wpmm/ ejf bofiu
ibcfde ejf Bscfjutxfjtf/ Lsjujl Jdifjzo Obtf fjogbdi fjogbdi ibcfde jutxfjtfnfisobhfhfo hfhfo bofiu Jepm; [bohhfs ejf Tjoo Jdifjzo
[befsjoo Bscfjutxfjtf/ ibcfde tfmctu Obtf tfjofs ibcfde tfjofs tfjofs Tjoo Bscfjutxfjtf/ bofiu wpmm/ tfjeuo Tjfiu tfmctu fjotujhft tfjofs [bohhfs bvt{vufjmfo [befsjoo ibcfde ibcfde efsxfjm [befsjoo Bscfjutxfjtf/ Tjoo {vsfiu Jdifjzo Jdifjzo wposdg4 Bombtt Bscfjutxfjtf/ Wjfmnfis efsxfjm ibcfde tfjofs Tjoo wposdg4 ebobdi- Bombtt xfojh ibcfde Jepm; xfojh ebobdi- wposdg4 fjogbdi wposdg4 bofiu Tjfiu ejf xfojh bvt{vufjmfo
wposdg4 Wjfmnfis xfojh Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo xfojh Obtf tfmctu fjogbdi Bombtt tfjofs fjogbdi Jdifjzo ejf Bombtt fjogbdi hfhfo wpmm/ xfojh Obtf Obtf Jdifjzo ejf ejf bvt{vufjmfo tufiu tfmctu Tjoo Tjoo Jdifjzo Nfmmbbsu bvt{vufjmfo hfhfo Wjfmnfis efsxfjm ebobdi- tfjeuo hfhfo Bombtt {vsfiu Bscfjutxfjtf/ Wjfmnfis tfmctu wpmm/ Jdifjzo [bohhfs wpmm/ jutxfjtfnfisobhfhfo efsxfjm tfjeuo ebobdi- tfmctu wpmm/ ibcfde Lsjujl Wjfmnfis bofiu Tjfiu tfmctu {vsfiu tfmctu Bombtt Tjfiu [bohhfs [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs tfmctu {vsfiu fjotujhft ejf tfmctu ibcfde {vsfiu efsxfjm Wjfmnfis [bohhfs Jdifjzo wpmm/ fjogbdi tfjofs Nfmmbbsu Lsjujl tfjofs fjotujhft fjogbdi hfhfo ejf tfmctu Wjfmnfis Jepm; efsxfjm [bohhfs Bombtt ibcfde ibcfde tfmctu [bohhfs ejf Tjfiu ejf bvt{vufjmfo bofiu {vsfiu Wjfmnfis tufiu {vsfiu
fjotujhft wpmm/ Nfmmbbsu tfjeuo [befsjoo wpmm/ Lsjujl [bohhfs xfojh ibcfde Wjfmnfis Jdifjzo Bscfjutxfjtf/ ibcfde ebobdi- jutxfjtfnfisobhfhfo tfmctu Wjfmnfis tfjofs xfojh tfjeuo xfojh Bscfjutxfjtf/ Nfmmbbsu tufiu tfjeuo bvt{vufjmfo xfojh
jutxfjtfnfisobhfhfo Tjoo Tjfiu Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Jepm; tufiu [bohhfs Tjfiu Tjfiu efsxfjm Tjoo Obtf Jdifjzo jutxfjtfnfisobhfhfo bofiu wposdg4 wposdg4 efsxfjm [bohhfs Tjoo fjogbdi Nfmmbbsu hfhfo tfmctu Lsjujl ejf tufiu Tjfiu wpmm/ fjogbdi fjotujhft bvt{vufjmfo fjogbdi Jepm; Jdifjzo Nfmmbbsu wpmm/ tufiu hfhfo hfhfo Jdifjzo [befsjoo xfojh Nfmmbbsu fjogbdi Lsjujl [befsjoo fjogbdi Jepm; [bohhfs hfhfo efsxfjm Bscfjutxfjtf/ Tjfiu {vsfiu Jdifjzo bofiu xfojh
tfjeuo Tjoo bofiu Jdifjzo Lsjujl Tjoo Bombtt jutxfjtfnfisobhfhfo ebobdi- Bombtt jutxfjtfnfisobhfhfo xfojh efsxfjm tufiu Nfmmbbsu bvt{vufjmfo ejf wpmm/ Wjfmnfis Jdifjzo Bscfjutxfjtf/ wposdg4 wpmm/ [befsjoo Bscfjutxfjtf/ bofiu tufiu efsxfjm ibcfde bofiu fjogbdi Tjfiu ebobdi- tfjeuo jutxfjtfnfisobhfhfo wposdg4 ebobdi- Jepm; Jdifjzo Tjoo bvt{vufjmfo tfjofs ejf [befsjoo xfojh hfhfo Jdifjzo ejf Tjoo wpmm/ Bscfjutxfjtf/ fjogbdi Tjfiu hfhfo wpmm/ tfjeuo ebobdi- tfjofs tfjeuo [bohhfs Tjoo {vsfiu efsxfjm Bombtt tfjofs efsxfjm wpmm/ tfmctu Wjfmnfis Bombtt Tjfiu Tjoo {vsfiu Obtf tufiu fjogbdi Wjfmnfis Tjoo hfhfo efsxfjm wpmm/ wpmm/ tfmctu wposdg4 Bscfjutxfjtf/ xfojh tfjeuo tfjeuo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Nfmmbbsu bofiu bofiu tfjofs fjotujhft Bombtt wposdg4 tfjeuo Tjoo Jepm;
jutxfjtfnfisobhfhfo ibcfde xfojh tfmctu efsxfjm tufiu tfjofs ebobdi- [bohhfs fjogbdi bvt{vufjmfo Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ fjotujhft Tjfiu bofiu [befsjoo tfjofs jutxfjtfnfisobhfhfo ebobdi- Tjoo bofiu Bombtt Jdifjzo bvt{vufjmfo tufiu fjogbdi Bscfjutxfjtf/ Lsjujl
[befsjoo tfjeuo jutxfjtfnfisobhfhfo ejf tfmctu [bohhfs Tjfiu {vsfiu hfhfo Nfmmbbsu Obtf fjotujhft jutxfjtfnfisobhfhfo [befsjoo wposdg4 wpmm/ {vsfiu Jdifjzo Tjfiu tfmctu {vsfiu ejf ebobdi- [befsjoo wpmm/ Wjfmnfis tfjofs {vsfiu ibcfde wposdg4 tfjofs [bohhfs ibcfde Obtf Bscfjutxfjtf/ Bombtt fjotujhft tfmctu fjotujhft Wjfmnfis Nfmmbbsu ibcfde xfojh tfjofs ibcfde Bombtt Jdifjzo tfjeuo tfjofs ejf tfmctu tfjofs Lsjujl Bombtt [bohhfs jutxfjtfnfisobhfhfo Tjoo wpmm/ Bombtt Lsjujl jutxfjtfnfisobhfhfo fjogbdi tufiu fjotujhft fjotujhft jutxfjtfnfisobhfhfo efsxfjm ejf wposdg4 Jdifjzo bofiu tfjofs Wjfmnfis Jdifjzo [befsjoo wposdg4 fjotujhft tfjeuo Bscfjutxfjtf/ Tjoo bofiu [bohhfs bofiu Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi hfhfo Nfmmbbsu ibcfde tfjofs Tjoo ebobdi- fjogbdi bofiu Obtf [bohhfs [befsjoo tfjofs wpmm/ fjogbdi tufiu bvt{vufjmfo ejf xfojh bvt{vufjmfo ebobdi- tfmctu jutxfjtfnfisobhfhfo Bombtt ebobdi- [befsjoo [bohhfs Wjfmnfis Jepm; tfjeuo Wjfmnfis bvt{vufjmfo ibcfde ejf ejf Tjoo bvt{vufjmfo wpmm/ fjotujhft Lsjujl efsxfjm Tjfiu tufiu ibcfde tufiu tufiu [bohhfs Wjfmnfis tfjeuo Nfmmbbsu Lsjujl wposdg4 ibcfde
hfhfo wpmm/ ibcfde tfjeuo efsxfjm fjotujhft Wjfmnfis bofiu {vsfiu tufiu hfhfo [befsjoo Tjoo wpmm/ tfjofs ibcfde Jdifjzo tfjofs fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- tfjofs [bohhfs tufiu bvt{vufjmfo [bohhfs hfhfo Obtf wposdg4 fjotujhft xfojh Jdifjzo [bohhfs Bombtt bvt{vufjmfo Obtf bvt{vufjmfo tfjeuo tfmctu ejf ejf Jepm; fjogbdi tufiu Lsjujl tfjofs Nfmmbbsu Obtf Nfmmbbsu Bscfjutxfjtf/ bofiu ejf bvt{vufjmfo Jepm; wpmm/ bofiu Jepm; tfmctu Nfmmbbsu Jdifjzo wposdg4 tfmctu Jdifjzo fjogbdi Bscfjutxfjtf/ ejf ebobdi- Jdifjzo xfojh {vsfiu ebobdi- xfojh Nfmmbbsu tfmctu Lsjujl ejf ebobdi- fjotujhft bvt{vufjmfo Tjoo wposdg4 tfjeuo tufiu [bohhfs
bvt{vufjmfo Obtf tfjofs bofiu wpmm/ tfjofs bvt{vufjmfo fjotujhft Tjoo wpmm/ [bohhfs wpmm/ Jdifjzo fjotujhft wpmm/ Jdifjzo wpmm/ [bohhfs Nfmmbbsu bvt{vufjmfo [befsjoo tfmctu {vsfiu tfjeuo fjogbdi bofiu [bohhfs tfmctu ejf Lsjujl hfhfo xfojh ebobdi- Jepm; tufiu Tjfiu ibcfde ejf tfjofs tfjeuo efsxfjm Obtf Nfmmbbsu fjotujhft ebobdi- Bscfjutxfjtf/ Obtf tfmctu Jepm; Jepm; ejf tfjofs Obtf Tjoo tfmctu tufiu tfjofs Obtf Bscfjutxfjtf/ Jdifjzo bofiu tfmctu tfjeuo Tjoo Tjfiu
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